Tag: getty images news

Malaysia said on Monday it has filed criminal charges against Goldman Sachs and two of the U.S. bank’s former employees in connection with a corruption and money laundering probe at state fund 1MDB. Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of investigations in at least six countries. Malaysia’s Attorney General Tommy Thomas said criminal charges under the country’s securities laws w

Malaysia said on Monday it has filed criminal charges against Goldman Sachs and two of the U.S. bank’s former employees in connection with a corruption and money laundering probe at state fund 1MDB.

Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of investigations in at least six countries.

Malaysia’s Attorney General Tommy Thomas said criminal charges under the country’s securities laws were filed on Monday against Goldman Sachs, its former bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and financier Jho Low in connection with the bond offerings.

“The charges arise from the commission and abetment of false or misleading statements by all the accused in order to dishonestly misappropriate $2.7 billion from the proceeds of three bonds issued by the subsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs,” Thomas said in a statement.

But there may still be plenty of public disagreements and political wrangling ahead when it comes to the best path forward, including inside her own Cabinet that meets Tuesday. In her statement Monday, after a largely fruitless trip to Brussels late last week, the prime minister all but ruled out a second referendum on her watch. She insisted that such a vote would “break faith” with the British public, and in particular the slender majority that voted to leave the European Union more than two y

Despite efforts by the Labour party and other political opponents of the government in the House of Commons, it now looks very unlikely that Theresa May — after last week’s postponement — will put her Brexit proposal to a parliamentary vote this side of the New Year.

But there may still be plenty of public disagreements and political wrangling ahead when it comes to the best path forward, including inside her own Cabinet that meets Tuesday.

In her statement Monday, after a largely fruitless trip to Brussels late last week, the prime minister all but ruled out a second referendum on her watch. She insisted that such a vote would “break faith” with the British public, and in particular the slender majority that voted to leave the European Union more than two years ago.

Several of her ministers over the weekend dutifully echoed this view; International Trade Secretary Liam Fox said a second referendum would “perpetuate” the divisions in the U.K., while Education Minister Damian Hinds insisted it would unquestionably be “divisive.”

So whither Brexit? And what clarity — if any — can investors and businesses glean from the current maelstrom of competing interests in Westminster?

The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place. Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.” Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexi

The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. They also repeated the Irish backstop is only an insurance policy.

“It is the Union’s firm determination to work speedily on a subsequent agreement that establishes by 31 December 2020 alternative arrangements, so that the backstop will not need to be triggered,” the 27 countries said.

The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place.

The idea of the backstop is to prevent a hard border between Northern Ireland and Ireland — a critical issue for both the EU and the U.K.

Brexiteers and other U.K. lawmakers believe this plan forces Northern Ireland to follow EU rules. However, both Westminster and the EU have said this would not be their aim and if it were to happen, it would only apply until they implement new trade arrangements.

“There will be no new legally binding obligations imposed on the European Union. That’s crystal clear,” European Commission President Jean-Claude Juncker told reporters in Brussels Thursday night.

The U.K. Parliament is legally scheduled to vote on the withdrawal agreement before January 21.

Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.”

“Theresa May did the best possible deal and now MPs in London should be responsible and to know if they want to have the best possible deal or want to go in the direction where they don’t know what will come out,” he said.

“It’s in the interest of their citizens,” he added.

Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexit trip to Brussels. The British currency also dropped 0.3 percent versus the euro to 90.025 pence.

On Friday, delegates from the ruling Christian Democratic Union (CDU) party in Hamburg elected Annegret Kramp-Karrenbauer, known as ‘AKK’, as the new leader of the party, replacing Chancellor Angela Merkel. The leadership race showcased the divide inside the party between more conservative circles and those who wanted continuity. The election of Annegret Kramp-Karrenbauer comes as a big relief to Merkel, who clearly seemed to be pleased by the outcome. While she rejects being called a “mini-Merk

On Friday, delegates from the ruling Christian Democratic Union (CDU) party in Hamburg elected Annegret Kramp-Karrenbauer, known as ‘AKK’, as the new leader of the party, replacing Chancellor Angela Merkel. The leadership race showcased the divide inside the party between more conservative circles and those who wanted continuity.

AKK, as she is widely called, stands for continuity and she will safeguard the legacy of Angela Merkel, while opposing candidate Friedrich Merz, who garnered 48 percent of the votes, would have been a fresh wind calling for a more conservative profile of the party. Until the end, the outcome was too close to call.

The election of Annegret Kramp-Karrenbauer comes as a big relief to Merkel, who clearly seemed to be pleased by the outcome. She is a close ally of hers and her election might enable her to stay on as chancellor for the remaining time of her term, until 2021, without facing strong infighting from her own party.

Ms. Kramp-Karrenbauer’s rise through the rank to the top of Germany’s biggest party puts her in pole position to succeed Merkel as chancellor. As she only entered the national political stage in February when she became the CDU’s secretary general, she might need the coming years until new elections will come about, to raise her profile. While she rejects being called a “mini-Merkel”, she has a very similar sober appearance and non-emotional approach when speaking in public.

Her election will most likely not trigger new elections next year, as the SPD, the Social Democratic Party that is in a coalition government with the CDU and its sister Bavarian party, the Christian Social Union (CSU), will be happy to work together with her.

Friedrich Merz, the “law and order” and more conservative candidate, would have been a bitter pill to swallow for the SPD. But one should not forget when talking about the risk of new elections that the SPD, given their current low ratings, will avoid those at all costs as the outcome might marginalize them even further.

So what’s the biggest takeaway from the change on leadership at the CDU? The big political earthquake was prevented with AKK as new party leader and the name of the game is “continuity” and not “a fresh start”. Whether this will be the recipe to attract voters back from the populist, far-right Alternative for Germany party (the AfD) is not clear, as AKK will not move the party to a more conservative corner.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.

Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns. The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast. The two aircraft

Five U.S. Marines were missing after two Marine Corps aircraft collided in mid-air and crashed into the sea off the coast of Japan on Thursday, in what U.S. officials said may have been a refueling exercise gone wrong.

Japan’s defense ministry said its maritime forces had so far found two of the seven Marines who were aboard the aircraft — an F/A-18 Hornet fighter jet and KC-130 Hercules — at the time of the incident.

One was in a stable condition at Marine Corps Air Station Iwakuni, while the second had been found about 10 hours after the collision and brought aboard a Japanese military vessel, the ministry said. No other details about the second Marine were known, a ministry spokesman said.

Search and rescue efforts for the remaining five continued.

The incident adds to a growing list of U.S. military aviation accidents around the world in recent years, prompting hearings in Congress to address the rise.

The Military Times reported earlier this year that aviation accidents jumped nearly 40 percent from fiscal years 2013 to 2017. At least 133 service members were killed in those incidents, it said.

U.S. military accidents are a sensitive topic in Japan, particularly for residents of the southern prefecture of Okinawa, which is home to the bulk of the U.S. presence in the country. A series of emergency landings and parts falling from U.S. military aircraft have highlighted safety concerns.

“The incident is regrettable, but our focus at the moment is on search and rescue,” Japanese Defense Minister Takeshi Iwaya told a news conference. “Japan will respond appropriately once the details of the incident are uncovered.”

The Marine Corps said in a statement the incident occurred around 2 a.m. local time in Japan (1700 GMT Wednesday) about 200 miles off the Japanese coast.

The two aircraft had launched from Marine Corps Air Station Iwakuni and were conducting regular training when there was a “mishap,” the Marine Corps said.

The Marine Corps did not elaborate on the nature of the incident. A U.S. official, speaking on condition of anonymity, said it occurred during a refueling exercise.

Officials who spoke to Reuters on condition of anonymity were unsure precisely how the mishap occurred but none suspected foul play. An investigation has begun.

The two leaders of the world’s nuclear club are threatening to withdraw from an arms control agreement, a move that will allow each country to bolster its arsenal with more nukes. Russian President Vladimir Putin said Wednesday that he will develop ground-launched nuclear missiles if the U.S. withdraws from the Intermediate-Range Nuclear Forces, or INF, treaty. The pact, signed by the U.S. and Soviet Union in 1987, prohibits the development of midrange nuclear-tipped missiles. Of the 14,500 nucl

The two leaders of the world’s nuclear club are threatening to withdraw from an arms control agreement, a move that will allow each country to bolster its arsenal with more nukes.

Russian President Vladimir Putin said Wednesday that he will develop ground-launched nuclear missiles if the U.S. withdraws from the Intermediate-Range Nuclear Forces, or INF, treaty.

The pact, signed by the U.S. and Soviet Union in 1987, prohibits the development of midrange nuclear-tipped missiles. The agreement forced each country to dismantle more than 2,500 missiles with ranges of 310 to 3,420 miles. The arms ban kept nuclear-tipped cruise missiles off the European continent for three decades.

Of the 14,500 nuclear weapons on the planet, Russia and the United States own the lion’s share, with a combined total of approximately 13,350 nukes. The remaining 1,150 weapons are held by seven countries.

North Korea, the latest unwelcome addition to the world’s nuke club, remains the only country to test nuclear weapons in this century.

While the exact number of nukes in each country’s arsenal is closely guarded, below is a breakdown of how many weapons exist, according to estimates from the Arms Control Association and Federation of American Scientists.

South Korea’s desire to engage and unify with its reclusive northern neighbor appears to be clashing with Washington’s goal of eliminating nuclear weapons on the Korean Peninsula. As the two Koreas make steady progress toward reconciliation — a South Korean train on Friday traveled across the border into the North for the first time in a decade — there are mounting concerns that peace efforts may overshadow the denuclearization of North Korea. From joint railway projects to sporting exchanges, S

South Korea’s desire to engage and unify with its reclusive northern neighbor appears to be clashing with Washington’s goal of eliminating nuclear weapons on the Korean Peninsula.

As the two Koreas make steady progress toward reconciliation — a South Korean train on Friday traveled across the border into the North for the first time in a decade — there are mounting concerns that peace efforts may overshadow the denuclearization of North Korea.

“We have made clear to the Republic of Korea that we do want to make sure that peace on the peninsula and the denuclearization of North Korea aren’t lagging behind the increase in the amount of inter-relationship between the two Koreas,” U.S. Secretary of State Mike Pompeo said in November.

From joint railway projects to sporting exchanges, South Korean President Moon Jae-In’s government is looking to spend hundreds of millions on economic and cultural initiatives with Pyongyang to promote integration and reunification. So far, the two countries have agreed to reinstate a joint military commission, develop mechanisms for family reunions and even pursue a joint bid to co-host the 2032 Olympics.

In Washington, many are now comparing the rapid pace of warming inter-Korea relations with the slow progress of denuclearization.

The SoftBank-led Vision Fund is hiring an investment team to be based in China as the $100 billion investment giant expands in one of the world’s most vibrant tech markets, two people with direct knowledge of the move told Reuters. The Vision Fund plans to open its first China office in Shanghai next year, followed by Beijing and Hong Kong. In a statement at the time, SoftBank said the fund was targeting a total of $100 billion within six months. Chen joined SoftBank Investment Advisers, which o

The SoftBank-led Vision Fund is hiring an investment team to be based in China as the $100 billion investment giant expands in one of the world’s most vibrant tech markets, two people with direct knowledge of the move told Reuters.

The Vision Fund plans to open its first China office in Shanghai next year, followed by Beijing and Hong Kong.

Altogether it hopes to hire about 20 people, said the people, who declined to be named as the information was confidential.

The Vision Fund raised more than $93 billion at its first close last May with investors including the sovereign wealth funds of Saudi Arabia and Abu Dhabi, Apple and Hon Hai Precision Industry (Foxconn).

In a statement at the time, SoftBank said the fund was targeting a total of $100 billion within six months.

Earlier this year, the fund hired Eric Chen, who last worked as a Hong Kong-based managing director at private equity firm Silver Lake before setting up his own venture, to head its upcoming China team, the people added.

Chen joined SoftBank Investment Advisers, which oversees Vision Fund, as a partner in March and is based in San Francisco, according to his LinkedIn profile and confirmation from the people. He could not be reached for comment.

A SoftBank spokesman declined to comment. Already this year the Vision Fund has moved to open offices in India, where it has spent $5 billion betting on the future of technology, and Saudi Arabia, home to its biggest backer – sovereign wealth fund PIF.

The openings come as the fund must manage its sprawling web of portfolio companies covering everything from shared working space to insurance and healthcare.

SoftBank is no stranger in China. Founder Masayoshi Son was an early backer of e-commerce giant Alibaba Group in 2000. Since 2013, SoftBank has invested over $13 billion in Chinese companies such as ride-hailing champion Didi Chuxing.

The Vision Fund has made five investments in China, according to Refinitiv data.

Since its first close on May 17 last year, the Vision Fund has invested in truck-hailing company Man Bang, Ping An Healthcare and Technology, a one-stop healthcare platform backed by Ping An Insurance, and most recently Beijing Bytedance Technology, China’s largest media start-up managing news aggregator Toutiao and online short-video streaming app TikTok, the data showed.

Bytedance is valued at $75 billion in its latest fundraising, Reuters has reported.

The fund has also invested $500 million in the Chinese unit of U.S.-based shared working space provider WeWork Cos in July, as part of its support for WeWork’s global push.

Germany’s largest and dominant political party, the Christian Democratic Union (CDU), is holding a crucial vote to elect a new leader this coming weekend after Chancellor Angela Merkel said she would not run for the post and effectively started to wind down her political career. There are two main contenders for the party leadership but this vote, taking place at the party’s Annual Congress in Hamburg on December 7-8, has larger significance in that the winner could become Germany’s next chancel

Germany’s largest and dominant political party, the Christian Democratic Union (CDU), is holding a crucial vote to elect a new leader this coming weekend after Chancellor Angela Merkel said she would not run for the post and effectively started to wind down her political career.

There are two main contenders for the party leadership but this vote, taking place at the party’s Annual Congress in Hamburg on December 7-8, has larger significance in that the winner could become Germany’s next chancellor.

Merkel said in October that she would not be running for re-election of chairwoman of the ruling conservative CDU back in October. She also confirmed that this, her fourth term, would be her last and she would not be seeking any political post after 2021.

Her announcement opened a leadership race for both the CDU and the ultimate prize (and responsibility) — leading Europe’s largest economy and most influential political entity.

Istanbul’s chief prosecutor has filed warrants for the arrest of a top aide to Saudi Arabia’s de facto ruler and the deputy head of foreign intelligence on suspicion of planning the killing of Jamal Khashoggi, two Turkish officials said on Wednesday. The prosecutor’s office has concluded there is “strong suspicion” that Saud al-Qahtani and General Ahmed al-Asiri, who were removed from their positions in October, were among the planners of the Oct. 2 killing at the Saudi consulate in Istanbul, th

Istanbul’s chief prosecutor has filed warrants for the arrest of a top aide to Saudi Arabia’s de facto ruler and the deputy head of foreign intelligence on suspicion of planning the killing of Jamal Khashoggi, two Turkish officials said on Wednesday.

The prosecutor’s office has concluded there is “strong suspicion” that Saud al-Qahtani and General Ahmed al-Asiri, who were removed from their positions in October, were among the planners of the Oct. 2 killing at the Saudi consulate in Istanbul, the officials said.

“The prosecution’s move to issue arrest warrants for Asiri and Qahtani reflects the view that the Saudi authorities won’t take formal action against those individuals,” one of the Turkish officials said.

The move also comes a day after senior U.S. senators said they were more certain than ever that Saudi Arabia’s crown prince, Mohammed bin Salman, was responsible for the killing of Khashoggi after receiving a CIA briefing on the matter.

Making some of their strongest accusations so far, both Republicans and Democrats said they still want to pass legislation to send a message to Saudi Arabia that the United States condemns the death of Khashoggi, a Washington Post columnist.